Blackstone sells Adelaide’s Rundle Place, lists Melbourne’s Brimbank Central

Blackstone is understood to be close to selling Adelaide’s Rundle Place shopping centre for close to $250 million.

The private equity group has also listed for sale a suburban Melbourne shopping centre, Brimbank Central, which is speculated to be worth more than $170 million.

According to this item in The Australian, funds manager AMP Capital is buying the six-year old Adelaide CBD complex at 77-91 Rundle Mall.

The five-storey centre contains more than 23,000 square metres of retail space, anchored by a Coles supermarket and Harris Scarf. Apple is also a tenant.

Knight Frank’s Guy Bennett with McVay Real Estate’s Sam McVay marketed the complex which also includes a 506-bay car park.

An aerial view of the retail complex. Blackstone sold the office tower at the rear, 80 Grenfell Street, for $184.6 million last year.

The sale comes a year after Blackstone sold a neighbouring office building, 80 Grenfell Street, for $184.6 million to Centuria Capital and Paul Lederer (both pictured, above).

Meanwhile in Melbourne, Brimbank Central, in Deer Park, contains 37,576 sqm of area, and returns annual rent of $12.3 million.

Occupying just over a third of an 11 hectare site, the complex is surrounded by 1600 car parks.

Aldi, Coles and Woolworths all lease space within Brimbank Central, which Blackstone acquired from Vicinity Centres in 2016 as part of a $613 million portfolio.

CBRE’s Mark Wizel, Justin Dowers and Trent Weir are marketing the centre, about 17 kilometres west of the Melbourne CBD.

The same brokers sold one of the last Melbourne shopping centres in this price range to hit the market: Burwood One, the site of Australia’s first K-Mart store, sold for $181.5 million last September.

Last December, Charter Hall paid ISPT $74 million for the Campbellfield Plaza complex in Melbourne’s north.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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